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6 Financial Decisions After Losing a Loved One

Jan 05, 2021 3 min read Kevin Johnston

Key takeaways

  • Hiring an experienced attorney may save you time, money and stress.
  • Consider opening a separate account to cover funeral expenses and assorted taxes.
  • Bank accounts, insurance policies, investments—these must be closed or assigned to someone else.

 

In the event of losing a loved one, some tough financial choices will follow. Here’s what to consider, along with six decisions you’ll have to make, in the days following your loss.

 

 

When you lose a loved one, or know you are about to, the last thing on your mind is money. Unfortunately, in the wake of this loss, you’ll have to respond to any creditors, as well as representatives of insurance companies, your state government, the federal government, investment companies and a host of other entities, in a timely manner.

These tips can help you navigate some of the financial complexities of your dear one's death.

 

What you can do next

Financial matters can be overwhelming when you’re dealing with the loss of someone you love. Before you choose to take on the myriad accounts, liabilities, distributions and obligations that arise, consider what’s involved both practically and emotionally. A financial professional can help you see the big picture and assist with personal goals and the assorted documents you may need at this difficult time. Please consult your tax and legal advisors regarding your particular circumstances.

Footnotes

Kevin Johnston writes about personal finance, investments, financial management and planning. His work has appeared in the New York Daily News, New York Post, San Francisco Chronicle and Houston Chronicle, among others.

 

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